If anyone were to ever doubt the economic impact this pandemic is having on U.S. citizens, observe Exhibit A. This photo was captured yesterday as Maleah and I were leaving the Walgreens across the street from this predatory lender, Payday Loans in Gretna, LA.

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Maleah asked “Dad, why are there so many people standing outside of that place? They must be selling something real good.” I instantly replied, “All money ain’t good money Moja, but sometimes short-term needs outweigh longterm consequences.”

Just for sobering context, check out these quotes from Dan Freeman, CEO of @cashamerica. ““The theory in the business is [that] you’ve got to get that customer in, work to turn him into a repetitive customer, long-term customer, because that’s really where the profitability is.”

A typical Louisiana borrower will need to take 9 payday loans each year to pay off their original debt, resulting in $270 in fees for a one-time $100 loan. The APR for a payday loan in LA is 780 percent, compared to an annual percentage rate of 24 percent for major credit cards.

This is not specific to LA, nor is it specific to the South, but I do know that it is specific to folks who “ain’t got it like that”. Many of us know what that colloquialism means. For everyday folks, this pandemic has been and will continue to have rippling economic effects.

One thing I do know is that not bailing out the American people, but bailing out companies worth billions isn’t right. I will pray for folks that have to do this to get by today and tomorrow.

I will also pray for the day when I have enough to make economic change that puts places like this one underneath the ground.

The scrotum of grasshoppers is 6 feet higher than these thieves.
-Dr. Russell J. Ledet
@cashamerica @paydayloans
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